Monday, May 15, 2017

New criteria for private entity bosses to join PSUs: Report

FROM June 1, all the candidates of private companies applying for top jobs at PSUs will need to furnish their company’s audited turnover, specify their Cost to Company (CTC). They also need to write a 400-word note on themselves.
This is part of a new application form that Public Sector Enterprises Board (PSEB) is bringing out with effect from June 1 to enable private sector individuals to...
apply for board-level positions at the Central Public Sector Enterprises (CPSEs), nearly two dozen of whom are headless now.
The Appointments Committee of Cabinet takes the call on PSU top-level appointments. Last year, the Union Cabinet had decided to open up CPSE senior-level posts for the private sector to broad base the catchment for these positions and take advantage of domain expertise. But in absence of clear criterion, nearly 75 top posts in PSUs have fallen vacant, including the top posts of many Chairpersons/Managing Directors in PSUs like ONGC, Coal India Limited, NHPC, IRCTC, Northern Coalfields Coalfields Ltd, etc. Director level posts are also vacant at MMTC Ltd, SAIL, GAIL and NTPC.
The new application form, a draft of which has been circulated by the Centre and is planned to be implemented from June 1, now specifies the process for private candidates to apply and information to be furnished. The private candidate will have to furnish audited annual turnover of his present Company for previous three financial years and his cost-to-company.
The person will also have to provide CIN (Corporate Identity Number) of his company, his Director Identification Number (DIN) if he is working at the Board level and specify if his company is listed on the stock exchange.
A 400-word write-up, in support of one’s candidature, has also been asked for by the govt. A two-page note earlier was optional for government officials but now all candidates, private or bureaucrats, will need to write a note. The government has also asked all candidates to specify if their educational qualifications have been acquired through full-time course courses or through correspondence.
The Cabinet had given its ex-post facto approval to the proposal for Amendment to the Resolutions dated March 3, 1987 of the PESB. “CPSEs would also benefit by the skill-sets and domain expertise of those coming from the State Public Sector Enterprises (SPSEs) as well the private sector. It would also ensure that the Central PSE senior management gets the benefit of the perspective gained both within and outside,” the Cabinet had said in its statement.

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